An ED official told media, the agency has attached properties of the Sterling Biotech in Mumbai and Ahmedabad under the sections of Prevention of Money laundering Act, (PMLA), 2002. A The ED action comes after the Central Bureau of Investigation’s (CBI) FIR.

Sterling Biotech had taken loans of over Rs 5,000 crore from a consortium of banks led by Andhra Bank which had turned into non-performing assets. Total pending dues of the group companies were Rs 5,383 crore as on December 31, 2016, said the CBI FIR.

New Delhi: The Enforcement Directorate today mentioned that it has attached properties worth Rs 4,700 crore in a Rs 5,000-crore bank fraud case involving Gujarat-based pharmaceutical company Sterling Biotech. An ED official told media, the agency has attached properties of…